Farmer Mac (AGM) Announces CEO Retirement, Appoints Carpenter as COO

Federal Agricultural Mortgage Corporation (NYSE:AGM) is one of the most undervalued financial stocks to buy according to Wall Street analysts. On September 25, the company announced that CEO Bradford T. Nordholm will retire on March 31, 2027. The Board also appointed Zachary N. Carpenter as President and Chief Operating Officer (COO), effective immediately. Carpenter is currently Executive Vice President and Chief Business Officer. Upon Nordholm’s retirement, Carpenter will take over as CEO.

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Nordholm, who became CEO in October 2018, oversaw the doubling of the company’s annual earnings and grew its business volume to over $30 billion. The company also maintained over two decades of consecutive dividend payments during the tenure.

The Board’s choice for a successor followed a year-long, deliberate internal and external evaluation process. The process included amendments to Nordholm’s employment agreement, extending his CEO term to March 31, 2027, and specifying incentive compensation terms for his remaining tenure. Carpenter’s base salary and long-term incentive eligibility were increased as part of the transition.

Federal Agricultural Mortgage Corporation (NYSE:AGM) is a government-sponsored enterprise commonly known as Farmer Mac. It operates as a secondary market for agricultural real estate and rural utility loans. The company purchases and securitizes mortgages originated by approved lenders to provide liquidity and risk management solutions.

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Disclosure: None. This article is originally published at Insider Monkey.